Ethereum price bounced back after testing the $157.50 support area. ETH is currently trading nicely above $160.00 and it could break the $165.00 resistance in the near term.

  • Ethereum price corrected again, but the $157.50 support protected a downside break.
  • A strong support forming near $160.00 and a connecting bullish trend line on the 30-minute chart.
  • ETH price remains supported on dips and it could soon make an attempt to surpass $165.00.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

Recently, there was a steady decline in Ethereum price below the $162.00 and $160.00 support levels. ETH price tested the $157.50 support area and formed a swing low at $157.01. It recovered in the past few hours and traded above $162.00.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair broke the last swing high at $164.50 and traded to a new intraday high at $166.27. However, the $165.00-166.00 resistance area acted as a strong barrier and prevented more upsides.

The price is currently correcting lower and testing the 23.6% Fib retracement level of the recent upside from the $157.01 low to $166.27 high. On the downside, an immediate support is at $162.00 and the 25 simple moving average (30-min).

However, the main supports are near $162.00 and $160.00. There is also a connecting bullish trend line forming with current support at $159.80 on the same chart.

Besides, the 50% Fib retracement level of the recent upside from the $157.01 low to $166.27 high at $161.71 might act as a support. Therefore, dips from the current levels are likely to find bids near the $162.00 or $160.00 support area.

If the bulls fail to keep the price above the $160.00 support, there is a risk of a downside break below the $157.50 support as well.

Conversely, if Ethereum price stays above the $160.00 support area, there are high chances of an upside break above the $165.00 and $166.00 resistance levels. The next key resistance is near the $170.00 level, where sellers might appear.

The market data is provided by TradingView, Bitfinex.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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